Half Year 2024 Heineken NV Earnings Call Transcript
Key Points
- Heineken NV (HEINY) achieved a solid first half of the year with a 6% organic growth in net revenue.
- Operating profit (beia) grew by 12.5%, with a margin increase of 60 basis points to 14.0%.
- The Heineken brand saw a 9.2% growth in momentum, with premium beer brands growing 5%, more than double the rate of the total beer portfolio.
- Significant growth was observed in the Americas, with a 37% increase in operating profit driven by top-line growth and cost efficiencies.
- The company is making substantial progress in sustainability, reducing emissions, and improving water use efficiency, with notable projects in Spain and Mexico.
- Economic volatility in certain markets, particularly in Africa and the Middle East, continues to pose challenges.
- Higher financing and tax expenses partially offset net profit improvements, with diluted EPS ending at EUR2.15.
- The European market faced a decline in net revenue by 1%, impacted by adverse weather conditions in June and muted consumer sentiment.
- The competitive landscape in Brazil and South Africa remains challenging, particularly in the low-end portfolio and beer segment, respectively.
- Currency devaluations, especially the 48% devaluation of the Nigerian naira, had a significant negative impact on financial results.
Good afternoon, everyone. Thank you for joining us today for the live webcast of our 2024 half-year results. Your host will be Dolf van den Brink, our CEO; and Harold van den Broek, our CFO. Following the presentation, we will be happy to take your questions.
The presentation includes forward-looking statements and expectations based on management's current views and involve known and unknown risks and uncertainties, and it is possible that actual results may differ materially. For more information, please refer to the disclaimer on the first page of this presentation. I will now turn the call over to Dolf.
Okay. Thank you, Tristan. And before we start welcome to the team. And I also want to firstly say a big thank you to Federico, who's here with us in the room after seven years as IR Director. He will be moving to be our new Finance Director in the Netherlands, and I want to
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